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{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy24\hr12\min44}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
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{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {IM}\cell \pard\intbl\qc {0.071{\super ***}}\cell \pard\intbl\qc {0.021{\super ***}}\cell \pard\intbl\qc {0.020{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(108.26)}\cell \pard\intbl\qc {(32.44)}\cell \pard\intbl\qc {(31.01)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.087{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.088{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(50.23)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(50.30)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.021{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-46.43)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-46.52)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.011{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-16.47)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-16.54)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.001{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(15.18)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(15.22)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.031{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.031{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.93)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.89)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.006{\super *}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.007{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-1.90)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-2.02)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.022{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.022{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.38)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.43)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {cpi}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.000{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.20)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.23)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {HHI}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.014}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.015}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(0.67)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(0.71)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {2.926{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {2.882{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(21.08)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(20.76)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.022{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.020{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(4.08)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(3.84)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.027{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.026{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(5.97)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(5.73)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.063{\super ***}}\cell \pard\intbl\qc {0.020{\super ***}}\cell \pard\intbl\qc {0.019{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(80.91)}\cell \pard\intbl\qc {(26.54)}\cell \pard\intbl\qc {(25.21)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.052{\super ***}}\cell \pard\intbl\qc {0.016{\super ***}}\cell \pard\intbl\qc {0.016{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(46.71)}\cell \pard\intbl\qc {(16.57)}\cell \pard\intbl\qc {(16.36)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {_cons}\cell \pard\intbl\qc {1.685{\super ***}}\cell \pard\intbl\qc {1.699{\super ***}}\cell \pard\intbl\qc {0.956{\super ***}}\cell \pard\intbl\qc {1.685{\super ***}}\cell \pard\intbl\qc {1.699{\super ***}}\cell \pard\intbl\qc {0.961{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(2221.63)}\cell \pard\intbl\qc {(13232.11)}\cell \pard\intbl\qc {(16.45)}\cell \pard\intbl\qc {(2226.02)}\cell \pard\intbl\qc {(13570.85)}\cell \pard\intbl\qc {(16.53)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {2684100}\cell \pard\intbl\qc {2507875}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2684100}\cell \pard\intbl\qc {2507875}\cell \pard\intbl\qc {2434525}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.014}\cell \pard\intbl\qc {0.771}\cell \pard\intbl\qc {0.767}\cell \pard\intbl\qc {0.014}\cell \pard\intbl\qc {0.771}\cell \pard\intbl\qc {0.767}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
